Pretty much proving today's field of Economics to be a bunch of quackery.
In every respectable field of study there are certain basic scientific expectations - supporting your positions with evidence and data, reversing your views when your theory has been disproved etc. At the onset of the 2008 crisis, some people very accurately predicted the type of crisis it was (a financial panic) and recommended policies that were tested and proven to work. The mainstream camp however, thought otherwise and most of the world followed their advice.
With 4 years of data we now know who was right and who was wrong, and yet that has done almost nothing in the field of Economics. Few high profile economists have reversed their deeply flawed views and the views of those baked by data and correct predictions are still not taken seriously. It's as if the LHC found the Higgs, yet most physicists still denying it exists - the situation really is THAT absurd.
Economics is deeply corrupted by politics and the financial interests of its practitioners. If the quacks and charlatans aren't purged soon, the either field will be discredited. You can't practice alchemy or voodoo and expect people to treat you like a scientist.
In every respectable field of study there are certain basic scientific expectations - supporting your positions with evidence and data, reversing your views when your theory has been disproved etc. At the onset of the 2008 crisis, some people very accurately predicted the type of crisis it was (a financial panic) and recommended policies that were tested and proven to work. The mainstream camp however, thought otherwise and most of the world followed their advice.
With 4 years of data we now know who was right and who was wrong, and yet that has done almost nothing in the field of Economics. Few high profile economists have reversed their deeply flawed views and the views of those baked by data and correct predictions are still not taken seriously. It's as if the LHC found the Higgs, yet most physicists still denying it exists - the situation really is THAT absurd.
Economics is deeply corrupted by politics and the financial interests of its practitioners. If the quacks and charlatans aren't purged soon, the either field will be discredited. You can't practice alchemy or voodoo and expect people to treat you like a scientist.